Global Servo Drives and Motors Market to be Led by Asia Pacific to 2020By Emma | Published on Nov 23,2015
Published Thu, Oct 29th 2015
Servo Drives and Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
The global servo drives and motors market is greatly driven by the expanding automation industry. Furthermore, falling servo motors prices and accelerating technological improvement is further driving the growth of the global servo drivers and motors market.
Servo motors are mostly used for attainting control over angular position, velocity, and acceleration. These motors work on the servo mechanism that uses error-sensing feedbacks to adjust the functioning. This is one of the most commonly used automation tool in several industries, which has made it highly essential on an international scale. The implementation of servo motors and drives optimizes the operating time and cost of inventory processes along with manufacturing. These attributes of servo drives and motors will help the market maintain a steady growth pace.
Why Asia is Leading the Global Servo Drives and Motors Market
Geographically, the global servo drives and motors market is divided into North America, Europe, Asia Pacific, and Rest of the World (RoW). Currently, Asia Pacific is leading the global servo drives and motors market. In 2014, this regional market held revenue of US$3.74 billion. The Asia Pacific region is expected to maintain its dominance in the global servo drives and motors market throughout the forecast period.
The rapid growth in manufacturing of servo drives and motors geared systems such as motor vehicles and materials and semiconductors and electronics is driving this regional market. Moreover, the presence of emerging economies in this region such as China, South Korea, and India is also supporting the growth of the Asia Pacific servo drives and motors market. Though Asia Pacific will lead the global servo drives and motors market, the high dependence on China for rare earth minerals will somewhat constrict the growth of this regional market.
China, Germany, Japan, and the U.S. were the major contributors to the revenue of the global servo drives and motors market in 2012. Additionally, stringent consumption laws and government programs for replacement of outdated electric motors with more energy-efficient motors will drive the servo drivers and motors in the developed market of North America and Europe.
Other Key Growth Sectors in the Global Servo Drives and Motors Market
According to a market research firm, the global servo drives and motors market was worth US$8.38 billion in 2013. The market is expected to expand at a 5.6% CAGR during the forecast period of 2014 to 2020 and will reach a market value of US$12.44 billion by 2020.
By application, the global servo drives and motors market is segmented into material handling, healthcare, food processing, semiconductor and electronics, and others. In 2014, the automotive sector held the largest market share of more than 25% in the global servo drives and motors market. This sector is expected to grow at the highest CAGR during the forecasting horizon due to the rapid growth in sales of electric and hybrid vehicles.
On the basis of type, the global servo drives and motor market is segmented into servo motors and servo drives which are further classified into sub-sectors. Servo motors ruled the global servo drives and motors market with US$6.09 billion revenue in 2014. Servo drives are further divided into AC, DC, and adjustable speed servo drives. On the other hand, servo motors are divided into AC servo motors, linear servo motors, DC brushless, and brushed DC.
The key manufacturers in the global servo drives and motors market are Baldor Electric Company, Siemens AG, Yaskawa Electric Corporation, Rockwell Automation Inc., Mitsubishi Electric Corporation, Schneider Electric S.E., Parker Hannifin Corporation, ABB Ltd., Emerson Electric Co., Nidec Corporation, and others.